The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive

Various tax implications can arise when a debt becomes statute-barred. In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Each state and territory in Australia contains its own “statute of limitation” provisions that provide a procedural basis for

When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the

How well do you understand the taxation of partnerships? Try this 2 minute quiz: Partnerships questions to find out (answers are at the bottom of this screen). Question 1: Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying